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Inheritance Tax Planning
There comes a time in all our lives where we contemplate what we’ll leave for our loved ones to inherit – and that list of deserving people won’t include the taxman.
However, if you’ve amassed any amount of money and assets over your life, your estate could be liable for a 40% Inheritance Tax bill. In addition your family and friends may be forced to pay it before they can inherit what you want them to have.
Under the Inheritance Tax threshold rules, which will remain in place until at least 2014, this level of tax could apply if your estate’s value is above £325,000 (£650,000 if married or in a civil partnership). When you total up everything you own – your home, car, savings and investments, even jewellery – you might be surprised by how much it’s worth, now and in the future. It means you could be looking at a hefty tax bill.
There are ways of potentially reducing or even eliminating your Inheritance Tax liability altogether, while still retaining control of your investments and estate. Our partner, Skipton Financial Services (SFS), can help you determine whether you have a liability, and offer no-obligation advice on ways you could potentially reduce or even mitigate this tax.
By taking steps now, you can remove this possible financial headache from loved ones during what would already be an especially difficult time. Contact us today, to see if you can ensure the only recipients of your life’s hard work are the people who truly matter to you. For more information on how SFS can help you achieve your investment goals call 01858 412250. Alternatively, ask us to call you or complete our enquiry form.The tax treatment of you as an individual depends on your own personal circumstances and may be subject to change in the future.
Will Writing - make sure your wishes come true
Why have so many of us not made provisions for our families and friends by making a Will?
Dying "Intestate" means the law, rather than you, decides what happens to your estate and there are therefore no guarantees that your money and your possessions will go where you would have liked them to. Imagine the additional stress this would cause to your loved ones during their time of mourning.
As well as providing ways of reducing or even avoiding Inheritance Tax, a Will makes sure that if you wish, your estate is retained by your family and that any requests you may have made will be carried out. It can be utilised to allow your money or even assets to be given to charitable causes that are important to you and it can ensure that sentimental items are passed on to the people you care most about.
Wills are not as complicated as people imagine. SFS can help you to complete your Will with as little or as much support as you require.
The Will Writing service from SFS allows the simplest of Wills to be completed without any need for a solicitor to be present. It can be drawn up in the comfort of your own home as and when you feel ready to do so.
However, if you feel that you would benefit from a more in-depth discussion with a Financial Adviser then please phone for details on 01858 412250. Alternatively, ask us to call you or complete our enquiry form.
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Many of the products available from SFS are not like building society/bank deposit accounts, as the capital value and any income can rise and fall and your capital is at risk. The tax treatment of any investments depends on your individual circumstances and may be subject to change in the future. |
Financial advice is provided by Skipton Financial Services Limited (SFS). SFS is one of the largest, most experienced and trusted financial advisory companies in the UK. You have no obligation to act on any advice given.
Skipton Financial Services Limited; Registered Office: The Bailey, Harrogate Road, Skipton, North Yorkshire, BD23 1DN. Registered in England, Number 2061788. Authorised and regulated by the Financial Services Authority, under registration Number 100013.
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